2024 Schedule SE (Form 1040) Self-Employment Tax-2025

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In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040 or 1040-SR ), Self-Employment Tax PDF. Use the income or loss calculated on Schedule C to calculate the amount of Social Security and Medicare taxes you should have paid during the year.
The self-employment tax rate is 15.3%.
For example, in 2024, the credit provided $632 to those without children and $7,830 to those with 3+ children. The maximum credit amounts in 2025 range from $649 for those without children and up to $8,046 for those with three or more children. It might reduce your tax burden or result in a tax refund.
You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,644 for tax year 2024 as a working family or individual earning up to $31,950 per year. You must claim the credit on the 2024 FTB 3514 form, California Earned Income Tax Credit, or if you e-file follow your softwares instructions.
For 2024, the EITC is worth up to $7,830 for eligible families with three or more children, up from $7,430 for 2023, ing to the IRS. Eligible workers ages 25 to 64 without kids can claim up to $632 for 2024. By law, the IRS cant issue EITC refunds before mid-February, ing to the agency.
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People also ask

Once youve determined how much of your net earnings from self-employment are subject to tax, apply the 15.3% tax rate.
The SETC tax credit is a refundable credit worth up to $32,220 for self-employed individuals affected by the COVID-19 pandemic including entrepreneurs, freelancers, healthcare professionals and more.
Generally, no, schedule E is not subject to self-employment taxation because the IRS classifies rental real estate income as passive income for tax purposes. While no one doubts that owning a rental can be a lot of work, this can be to your benefit, since you dont have to worry about paying additional income taxes.

form 1040 schedule se